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| Cobalt on 32nd Street Apartments, Phoenix, AZ |
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| John Cunningham |
PHOENIX, AZ – Capital
Markets experts in the Phoenix office of JLL have completed the $16.2 million
($180,000 per unit) sale of Cobalt on
32nd Street, a case study for Phoenix’s stalled-to-stable multifamily
recovery and a sign of continued investor appetite for the market’s upside
potential.
JLL’s Executive Vice
President John Cunningham and Vice
President Charles Steele represented
the property seller, Seattle-based Goodman Real Estate. The buyer is Weidner
Investment Services.
Cobalt is located at 18350 N. 32nd Street, at 32nd Street
and Union Hills in Phoenix. The property last traded hands in 2013, when
Goodman purchased the asset with the goal of transforming it from a “stalled”
and distressed state into viable inventory for the Phoenix multifamily pool.
At the time of Goodman’s
purchase, Cobalt included 24 completed units operating at more than 90 percent
occupancy, along with land for a 66-unit expansion.
After purchasing the site,
Goodman managed the additional construction and in 20104 delivered a Class A,
gated community comprised of 90 townhomes averaging 1,183 square feet.
“The recession brought
much of the area’s new multifamily construction to a grinding halt,” said
Cunningham. “Cobalt on 32nd Street afforded investors the opportunity to
acquire a stabilized, best-in-class asset and use the momentum of the market to
fully capitalize on the property’s inherent value.”
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| Charles Steele |
The new Cobalt project
includes 90 uniquely designed townhome units, each featuring a private,
oversized ground floor entry and a direct-access garage, as well as shared
spaces that include a resort-style pool, clubhouse and fully equipped fitness
center.
It is situated in the Northeast Phoenix/North Scottsdale area, near
Desert Ridge Marketplace and Paradise Valley Mall, and multiple employment
centers such as Scottsdale Airpark, the Arizona Biomedical Corridor and the
Deer Valley office submarket.
It sits less than one mile
from State Route 51 Piestewa Freeway and less than 1.5 miles from the Loop 101.
“The low density of 14
units per acre, due to its 100 percent two-story townhome construction, gives
Cobalt residents a single-family home appeal in a professionally managed,
luxury rental community,” said Steele.
“The buyer recognized the attraction of
these features and the opportunity to buy in a submarket in which they had
previously not been able to, all while adding a very high-end asset to their
existing Phoenix portfolio.”
Unit features at Cobalt
include upgraded kitchens with granite counters and Whirlpool stainless steel
appliances, outlets with USB ports, wood flooring, large laundry rooms and
upgraded carpeting in oversized floorplans.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
Phone:
+1 480 600 0195
Email:
